Previous Week Update:
- NZDUSD stayed in the same consolidation zone as last week and briefly followed B path.
Upcoming NZD News:
Monthly: Previous 3 Black crows, broken trendline, may be creating top wick before dropping. (Plus, double top at neckline)
Weekly: Consolidating under the 0.69500 levels. Price is sitting at a double top Monthly neckline. Breakout is likely to occur with this amount of consolidation.
Daily: Ranging 0.69500 – 0.68500. Same as last week. Pretty much just waiting for a breakout out of those zones.
H4: Ascending triangle was formed. A breakout is likely to occur.
NZDUSD Overall Analysis
- The coming week is simple (same as previous week), we either break the 0.68500 level, where after the break we should see some sort of last kiss before continuing lower. Or, we bounce off the level, if we bounce we will see 0.69500 again, and if that breaks we will continue to 0.70500. Or, we simply range around 0.69500 and 0.68500 (100 pip range) which is also nice to ride the waves.
- The upcoming week there is no news to keep your mind on. So keep your eye out on NZDUSD and it should follow what Gold does this week.
- Most likely to follow the Gold pattern. However, with NZDUSD, a breakout of the zone will dictate the long term movement.
- Keep and eye out for the break of the consolidation zone or simply ride it up and down as it has been doing.
- We should break that ascending triangle to go somewhere.